8AUGUST 2024ADANI GROUP TO LAUNCH USD 4 BILLION PETCHEM PROJECT BY NEXT YEARThe Adani Group will enter the petrochemical sector by launching the initial stage of a USD 4 billion PVC project by December 2026, addressing the imbalance between domestic demand and supply. Polyvinyl chloride (PVC) is the third most widely produced synthetic plastic polymer globally, utilized in the production of items like raincoats, shower curtains, window frames, plumbing pipes, medical tools, wire insulation, bottles, credit cards, and flooring.India requires around 4 million tonne of PVC every year, yet the country's production capacity is only 1.5 million tonne, causing a discrepancy between supply and demand. Adani Group aims to seize the opportunity in the industry as the gap between domestic production and consumption is predicted to grow with higher consumption.Adani Enterprises, the leading company of the group, is establishing a petrochemical hub in Mundra, Gujarat. In this group, there are plans to establish a PVC factory with a yearly capacity of 2 million tonnes, which will be carried out in stages, as confirmed by two insiders.They mentioned that the first stage, capable of processing 1 million tonnes per year, is scheduled to be operational by December 2026.In March of last year, the group stopped the project because they chose to postpone significant equipment procurement and site construction until they obtained financial closure. This came after Hindenburg Research, a US short seller, released a report accusing Adani Group companies of financial and accounting fraud. VEDANTA NICO INKS PACT FOR SUPPLYING NICKEL TO AESIR TECHNOLOGIESVedanta Nico, a branch of Vedanta announced that it has agreed with US company AEsir Technologies for the provision of nickel, an essential element for advanced batteries. Nickel is crucial in EV battery technology, especially in the cathode, where it boosts energy density, power output, and battery longevity. Batteries high in nickel content, like nickel-zinc types, provide quick charging, decrease dependence on cobalt, and enhance the overall value proposition of electric vehicles (EVs).The increasing use of electric vehicles is expected to cause the global need for nickel in batteries to increase from 150,000 tonnes in 2020 to 500,000 tonnes by 2025.The IEA predicts a significant increase in the number of electric vehicles, from 10 million in 2020 to 145 million in 2030, driven by improvements in battery capacity, faster charging, and decreased use of cobalt."Vedanta Nico, India's primary nickel producer, has signed a strategic Memorandum of Understanding (MoU) with AEsir Technologies, Inc, a US-based innovator in advanced battery technologies," Vedanta Nico said in a statement.Vedanta Nico has partnered to advance and market innovative nickel-zinc batteries for vital infrastructure, 5G telecommunications, and electric vehicle charging, they announced."We are thrilled to partner with AEsir Technologies to create a game-changing battery solution for the critical infrastructure, 5G telecom, and EV market. Our expertise in nickel production, coupled with AEsir's innovative zinc battery technology, positions us to deliver a product that meets the evolving needs of the industry. TOPSTORIES
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